Multi-Generational Homes – High in Demand in 2016

Multi-generational home is a property that can have multiple families living under one roof in separate spaces.  A multi-generational home could house a married couple caring for an older parent, a grandparent living with an adult grandchild, or even Baby Boomers living with adult children who have moved back into the home.

This has becoming such a trend that the National Association of REALTORS® has begun to track the buying trends of this type of housing, although it is has likely been a trend since before civilization even began. After World War II, the trend began for families to be more of a self-contained unit, housing just a single generation under one roof. However, the demand for multi-generational homes has risen in the last few years, partially due to the recession and its impact on the nuclear family. Families found it more financially feasible to band together and share resources and now these types of homes are in high demand due to the success of these living arrangements. In their 2015 Home Buyer and Seller Generational Trends Report, The National Association of REALTORS® reported that 13% of all the homes purchased in 2015 was a multi-generational home. Buyers made their purchase for a number of reasons:

 

 

chart

Builders are just starting to include floor plans with separate living quarters possibly with their own ensuite, kitchen, and public living space.  Another trend in multi-generational housing solutions is to remodel an existing home. Making room for family members that need independent living is a very sought after remodeling request which will continue to grow in the coming years.

Leave a Reply

Your email address will not be published. Required fields are marked *